What are Foreclosure and Short Sales

    

Short Sale - Foreclosure

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We are all hearing so much in the news about the "Mortgage Crisis" . With thousands of adjustable rate mortgages due to have a rate change in 2008, the "crisis" has just begun.

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A foreclosure is a term most are familiar with- an owner defaults on a mortgage and the lender finds itself owning the property and in turn has to sell it. Foreclosure is a difficult situation for all involved. The owner now has a foreclosure on their credit report, they often feel helpless and embarrassed and now need to find new housing. The lender, who is not in the business of owning property, now has the legal expense of foreclosure and stands to loose thousands of dollars.

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A new term that has come about is "Short Sale". In a short sale an owner can no longer make his mortgage payments. The lender agrees to accept less than is owed. The house is put on the market at a fair market price agreed upon by the owner and the listing agent. Offers are negotiated by the owner and his agent, and a accepted offer needs to have the approval of the lender. In the case of a short sale, the owner is released from his debt, and does not have the foreclosure on his records. The lender does not have the expense of the foreclosure.

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In today's market, lenders are open to the short sale. After all options have been considered if the homeowner agrees that there is just nothing more that can be done the short sale is an option that is beneficial for everyone concerned.

 

Do you know someone who is having difficulty with their mortgage payments?

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Chances are we all know someone who is secretly having financial difficulties. Quite often they do not want to talk about it and feel ashamed and many cut off contact with others.

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Many people are not aware that the lenders are seeking to help the homeowner. There are special workout plans in effect to help those who are behind in their payments. Each lender has it's own programs to help homeowners avoid foreclosure. Some lenders will reduce rates, extend loans, or agree to the short sale. Home owners that are not aware of these options often avoid calls from the lender and simply are never given the chance to see what the options are until it is too late and end up in foreclosure.

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One aspect of our business is as Loss Mitigation Consultants. Along with helping home buyers and seller achieve their goals. We are committed to helping people stay in there homes if at all possible. We have the tools and training to help sort through the challenges that many times cripple the home owner when financial troubles loom. For more information contact us. 

o you know someone who is having difficulty with their mortgage pDo you know someone who is having difficulty with their mortgage payments?

.

.

Chances are we all know someone who is secretly having financial difficulties. Quite often they do not want to talk about it and feel ashamed and many cut off contact with others.

.

Many people are not aware that the lenders are seeking to help the homeowner. There are special workout plans in effect to help those who are behind in their payments. Each lender has it's own programs to help homeowners avoid foreclosure. Some lenders will reduce rates, extend loans, or agree to the short sale. Home owners that are not aware of these options often avoid calls from the lender and simply are never given the chance to see what the options are until it is too late and end up in foreclosure.

.

One aspect of our business is as Loss Mitigation Consultants. Along with helping home buyers and seller achieve their goals. We are committed to helping people stay in there homes if at all possible. We have the tools and training to help sort through the challenges that many times cripple the home owner when financial troubles loom

.

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ayments?

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.

Chances are we all know someone who is secretly having financial difficulties. Quite often they do not want to talk about it and feel ashamed and many cut off contact with others.

.

Many people are not aware that the lenders are seeking to help the homeowner. There are special workout plans in effect to help those who are behind in their payments. Each lender has it's own programs to help homeowners avoid foreclosure. Some lenders will reduce rates, extend loans, or agree to the short sale. Home owners that are not aware of these options often avoid calls from the lender and simply are never given the chance to see what the options are until it is too late and end up in foreclosure.

.

One aspect of our business is as Loss Mitigation Consultants. Along with helping home buyers and seller achieve their goals. We are committed to helping people stay in there homes if at all possible. We have the tools and training to help sort through the challenges that many times cripple the home owner when financial troubles loom

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